|Publicly Approved BitShares Representative|
|Freelancer||BitShares Blockchain Foundation - BitShares Blockchain Foundation|
|Duration||2019/01/01 - 2019/12/31 (12 months)|
|Accounting & Reporting||workers.bitshares.foundation/201901-legal-representative|
The strength of BitShares Blockchain is its technical superiority and distributed governance. However, due to the nature of its decentralized and [autonomous] character, some aspects are not continuously attended in comparison to most other blockchain platforms. One of those aspects is dealing with legal issues and regulations. For example in 2018, the BitShares Blockchain Foundation (BBF) engaged with PaulHastings LLP for the Legal Opinion Letter about the legal status of the core native token BTS, dealt with Bittrex Inc., Huobi and other exchange listings, and organized BitFest. Legal issues like this are not static in our space, and require ongoing maintenance. The legal opinion letter about BTS obtained early 2018 would require updating today because new regulatory guidance has been provided by various regulatory agencies worldwide. To make things like this possible, somebody or an entity needs to carry the authority (mandate) to sign on behalf of the community. Keep in mind that such an entity or person can only represent the BTS holders and BitShares community with an approved mandate.
We here propose to appoint the BitShares Blockchain Foundation (BBF), to engage in external communication as the only legal representative with authorities, market parties and legal counsel. As the legal representative, the BBF will be the single point of contact for legal (authority) matters, as well as (temporary) contractual obligations to fulfil other worker proposals (i.e. BitFest). The BBF will coordinate and distribute legal work and act as legal representative on behalf of the BTS token holders. If needed, the BBF may sign on behalf of the Community taking advice from approved members of the BitShares Committee. Acting as a representative, we feel obligated to always represent BitShares Blockchain publicly in the best interest of its token holders.
Given the need for a mandate to represent the BTS token holders in ongoing legal agreements (e.g. with exchanges), the BBF is looking for a mandate. Since legal agreements are binding in the real world, while worker proposals can be revoked quickly, we here propose a mandate for a 12 month duration if the worker proposal is approved for at least 72 consecutive hours. Revocation of the worker proposal by the BTS voters will result in the BBF not receiving funding but will allow to keep ongoing agreements valid.
It is essential that the BBF will continue to have the legal mandate, otherwise existing contracts must be migrated over to someone else to taking on corresponding responsibilities or the contracts become invalid. Invalidation of existing contracts may result in BTS being delisted from exchanges.
In short, this worker proposal comes with three options:
Furthermore, authorities and businesses require a point of contact with legal mandate. Otherwise, the community may face (uninformed) decisions made by third parties due to lack of communication with a community representative with legal mandate.
There can be only one legal representative for the BitShares Blockchain as authorities have a need for one channel.
Our mission is to
Everyone’s time is valuable. As such, we are asking for funding though the BitShares Blockchain Reserves and seek a fixed fee of 50,000 bitEUR for the next 12 months, payable from January 1st 2019 until December 31st 2019. Quarterly invoices will be provided publicly. The fee only covers the hours spent by the entire team to subjects related only to this mandate. Travel expenses or fees of 3rd parties (i.e. lawyers, notaries, etc) are not included, and need to be funded separately.
What to expect from us
Our team is based throughout Europe and Nevis, and has two bodies in the shape of Foundations: